AEGON Sees Attack Losses Below $50 Million, Less Impact on Earnings

September 20, 2001

The Dutch insurer and financial services group AEGON NV, the parent company of Transamerica, said that it expected losses from the September 11th attacks in the U.S. to be under $50 million, and to have an impact on its earnings of less than $30 million.

The company expressed its heartfelt sympathy to those affected by the tragic events. It noted that it has virtually no property and casualty or commercial liability insurance or reinsurance in the U.S., and thus very little exposure to claims from these sources.

It also estimated that only a small percentage of life claims would come from the New York area, less than $20 million, and that life reinsurance claims would be less than $30 million.”Total estimated claims cost of less than USD 50 million results in an after-tax earnings influence of less than USD 30 million,” said AEGON’s statement.

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